Press Releases

WASHINGTON — Joe Biden may no longer be in the White House, but American families are still living with the consequences of his economic failures. President Biden presided over the worst inflation spike in 40 years, driving up the cost of food, housing, transportation, and necessities and left working families struggling to keep up.

Today, President Trump and Congressional Republicans are cleaning up the mess — cutting costs, raising wages, lowering interest rates, and rebuilding the strongest economy in the world.

BIDEN’S 40-YEAR INFLATION CRISIS

Joe Biden’s tenure produced the most painful price shock since Jimmy Carter.

The facts:

• Cumulative Biden-era inflation reached 20%, wiping out wage gains for millions of Americans.
• Inflation peaked at 9.1% in June 2022.
• When President Trump left office, inflation was just 1.4%.
• Families paid 20% more for basic necessities by the end of Biden’s term.
• Biden’s policies drove the Federal Reserve into the highest interest rates in 23 years.
• Workers lost more than $2,900 in real purchasing power.

Working families, seniors, young parents, and first-time homebuyers all suffered under Biden’s failed economic leadership.

DEMOCRATS MADE THE CRISIS WORSE

Democrats didn’t just cause Biden’s inflation — they compounded it. Their reckless government shutdown inflicted real economic pain and derailed early recovery efforts.

The consequences:

• The Democrat Shutdown cut 1–2% from GDP, according to the Congressional Budget Office (CBO).
• The CBO also reports $7–14 billion in economic losses tied directly to Democrat obstruction.

While Republicans pushed to reopen the government and revive the economy, Democrats chose chaos and delay — deepening the affordability crisis American families were already digging out from.

THE TRUMP RECOVERY IS REAL — AND ACCELERATING

In less than a year, President Trump and Congressional Republicans have unleashed a powerful economic resurgence — built on investment, job growth, higher wages, lower costs, and restored confidence.

The results:

• Real wages are already up nearly $700 — on pace to rise $1,200 in Trump’s first full year.
• America has attracted $9 trillion in new U.S. and foreign investment. 
• President Trump’s deregulatory agenda is saving Americans $180 billion, or $2,100 for a family of four.

President Trump and Congressional Republicans also secured the largest tax cut in American history, taking effect on Americans’ next tax returns:

• No Tax on Tips
• No Tax on Overtime
• New, targeted tax relief for seniors — ensuring Social Security goes further

These provisions are projected to lift wages by as much as $11,600.

THE BOTTOM LINE

Joe Biden and Democrats left behind:

• 20% cumulative inflation
• 40-year inflation highs
• 23-year high interest rates
• $2,900 in lost purchasing power
• A nationwide affordability crisis

President Trump and Congressional Republicans are delivering:

• Lower prices
• Higher wages
• Record take-home pay
• Historic tax cuts
• Lower interest rates
• A stronger, more stable, more affordable America

Congressional Republicans and President Trump are restoring prosperity — and putting American families FIRST again.

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